BNB Price Prediction: Binance Coin Slips, but Could It Finally Break Out of Consolidation?

Table of Contents

The BNB price slipped slightly over the last 24 hours to trade at $311.15 at press time as investors offload some of their BNB holdings.

The BNB Price Attempts to Break Consolidation

4-hour chart for BNB/USDT (Source: TradingView)

The BNB price has been in a consolidation phase between $288 and $320 for the last 2 weeks. It attempted to break above this channel on Jan. 15 but was unable to close a 4-hour candle above this threshold. Since then, the altcoin has been in a steady descent.

Currently, the BNB price seems to be attempting another challenge at the upper boundary of the aforementioned sideways channel. However, technicals on BNB’s 4-hour chart suggest that the crypto does not have the momentum needed to surpass this mark.

The Moving Average Convergence Divergence (MACD) indicator is flagging bearish on the 4-hour chart. With the MACD line positioned below the MACD Signal line, it appears the BNB price is still in a bearish short-term cycle. In addition to this, the slope of the MACD Histogram is negative. This may be a sign that BNB’s negative trend is growing stronger.

Despite this, there is still hope that the altcoin will begin to rise soon. The Relative Strength Index (RSI) indicator was on the verge of triggering a major bullish technical flag on the 4-hour chart. Currently, the RSI line is attempting to cross above its Simple Moving Average (SMA) line. Should the prior break above the latter, it could be the early signs of a bullish trend reversal for the BNB price.

As a result, the BNB price may look to overcome the $320 obstacle. A daily close above this level could then give it the foundation needed to continue rising to $340 in the following couple of days. However, a break below the middle level of the current price channel, which is situated at around $303, may invalidate this bullish thesis. In this alternative scenario, the BNB price could be at risk of falling below $288 before potentially plummeting to $257.5 in the following few days.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

View all posts